Markets slip in red in afternoon deals; Nifty tests 9,100

The benchmark indices on Friday pared gains to trade in red in afternoom deals after opening higher tracking positive trend seen in Asian markets after Wall Street rallied with Nasdaq hitting record high on strong US corporate earnings.

At 2:24 pm, the S&P BSE Sensex was ruling at 29,302, down 120 points, while the broader Nifty50 was trading at 9,098, down 38 points.

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In the broader market, the S&P BSE Midcap index and the S&P BSE Smallcap index added 0.3% and 0.7% respectively.

"Though feeble, upsides prevailed in the previous session, and on anticipated lines. The 9,170 region is likely to give away, but upsides need to be carefully played given a soft ADX. Direct rise above 9,280 could change all that putting prices back into the 9,500 trajectory. Alternatively, inability to float above 9,170 could lent a weak bias again," said Geojit Financial Services in a technical report.

Buzzing stocks

RIL, NTPC and Axis Bank contributed most to the gains on Sensex, while Sun Pharma, ITC and Adani Ports shed the most.

Indiabulls Ventures rose 5% to hit its upper circuit for the third day in a row at Rs 109 ahead of board meeting today to consider preferential issue of equity shares of the company, to certain foreign investor(s).

Mindtree rallied nearly 4% to Rs 459 after the company on Thursday reported 5.725 quarter-on-quarter (QoQ) fall in consolidated net profit figures at Rs 97.20 crore for the quarter ended March 31, 2017. It had posted a net profit of Rs 103.10 crore in the same quarter last year.

Radico Khaitan surged 10% to Rs 132, extending its Thursday’s 11% rally on the National Stock Exchange (NSE) on the back of heavy volumes. On Thursday, Madhuri Madhusudan Kela bought 704,741 equity shares or 0.53% stake in the company at price of Rs 117 per share on the NSE, the bulk deal data showed.

RBI to keep rates steady

The Reserve Bank of India is expected to keep interest rates steady well into next year after it shifted to a neutral monetary policy stance in February, and despite having raised concerns over a potential spike in inflation, a Reuters poll found.

Earlier this month, the Reserve Bank of India raised a secondary rate while holding the key repo rate steady to mop up excess liquidity from the government's demonetisation drive, making it the fourth meeting in a row it has surprised markets.

Global markets

Asian stocks were set to end the week on a positive note, unscathed by a US trade probe on Chinese steel exports, while the euro remained on edge ahead of Sunday's first round in a tight French presidential election after a shooting overnight in Paris that was claimed by Islamic State.